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Two Putnam Fund Managers Quit

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March 26, 2004 — Putnam Investments, which has been hurt by the mutual fund trading scandal, said two mutual fund managers have left the company.

Putnam said Thomas Hoey, lead manager of the Putnam Mid Cap Value Fd/A (PMVAX), and Graham Spiers, who helped oversee three asset allocation funds, left the company for personal reasons. Their resignations “were not related to market timing,” company spokeswoman Laura McNamara said.

Putnam said Edward Shadek, a co-manager of the Mid Cap Value fund, replaced Hoey as lead manager. Shadek also is chief investment officer of Putnam’s small-and mid-cap value funds. Putnam also added James Polk to the team that manages the Mid Cap Value fund.

Putnam named Bruce McDonald to replace Spiers on the team that runs Putnam Asset Allocation Balanced Port/A (PABAX), Putnam Asset Allocation Conservative Port/A (PACAX) and Putnam Asset Allocation Growth Port/A (PAEAX). McDonald previously was responsible for “tactical strategies” for the funds, McNamara said.